Understanding the MSB environment is crucial in getting your merchant account approved by the underwriting department. Upon applying to an account, you will be contacted by a designated account manager, who is experienced with the Money Service Business merchant and banking environment. The account manager will guide you through a set of qualifying questions and send over the list of documents required by underwriting to approve your merchant account. Any unapplicable documents on the required list would be noted to underwriting and remaining supporting documents would be sent to underwriting for a thorough review and compliance.
Underwriting will check your FinCEN registration, Business License, BSA & AML policies and other regulatory paperwork. This process is expected to take 2-3 weeks. The account manager will be with you every step of the way, to answer any potential questions and guide you through the underwriting process. Once approved, your payment gateway and/or payment terminals would be available for use. Our merchant onboarding team will contact you to answer any tehcnical questions and provide terminal / payment gateway training.